In a changing market, staying competitive often requires the development of new products. As consumer tastes and needs change, products must also change. Developing new products, however, is a risky and costly venture. Market research is an essential tool to help boost the chances for success.
The new product development process has at least six stages.
1. Opportunity identification. To start, you should seek holes in the market that might be opportunities. At this stage, the following information gathering techniques are useful: focus groups, consumer surveys, analysis of customer suggestions and complaints, brainstorming, industry research (size of market, consumption patterns), and analysis of competitors products.
2. Concept screening. Next, you will move from generating ideas to testing ideas. In concept screening, you describe the product idea to potential customers and ask, would you buy this product? If consumers do not like the idea of your product, the physical product will probably not do well either. Concept screening allows for the evaluation of winners and losers early in product development before substantial resources are committed to a products development. At this stage, focus groups and consumer surveys are useful research methods.
3. Marketing strategy development. Next, you will set a plan for your marketing mix (the four Ps): A. Product. Define your product in terms of varieties, quality, design, features, brand, packaging, sizes, service, and warranties. B. Price. Develop a pricing strategy. Consider how you will use list price, discounts, allowances, payment periods, and credit terms. C. Place. How will your products get to your customers? Which channels will you use (retail, wholesale, foodservice)? Consider the best locations to reach your target market. Also consider transportation, inventory, and storage. D. Promotion. How will you use the following: sales promotion (coupons, allowances, discounts), advertising, salespeople, public relations?
4. Product development. At this stage, using the information you have collected and the decisions you have made about the 4 Ps, you will design and create the physical product, as well as its packaging, name, logo, and advertising. Research at this stage usually involves repeated cycles of product improvement and testing. Product testing includes both physical performance (e.g., shelf stability) and consumer reactions.
5. Market testing. This stage is a last check on the product before it enters the market. At this point, product performance tests are complete. Market testing aims to evaluate advertising, awareness, and usage (AAU) of the product in test markets. The techniques used include simulated store testing and controlled test marketing. Some marketing research firms offer AAU studies.
6. Product introduction. As you introduce the product to the market, you should test the distribution of the product. Is the product getting on the shelves? Is it getting a favorable presentation on the shelves?
The Riverside California Agreement to Conduct Product Development Research is a legally binding document that sets forth the terms and conditions for conducting product development research in Riverside, California. This agreement is crucial for businesses and organizations planning to engage in product development activities in the city. The primary purpose of the Riverside California Agreement to Conduct Product Development Research is to outline the rights and obligations of the parties involved in the research project. The agreement typically includes provisions covering intellectual property rights, confidentiality, payment terms, duration of the research project, and dispute resolution mechanisms. There may be different types of Riverside California Agreements to Conduct Product Development Research, each tailored to specific circumstances and requirements. These types may include: 1. Confidentiality and Nondisclosure Agreement: This agreement ensures that any information disclosed during the product development research will remain confidential and not be shared with unauthorized third parties. It safeguards the protection of proprietary information, trade secrets, and sensitive data. 2. Intellectual Property Agreement: This type of agreement specifies how intellectual property rights, such as patents, copyrights, and trademarks, will be managed during the research project. It typically covers issues related to ownership, licensing, and commercialization of any intellectual property developed as a result of the research. 3. Sponsorship Agreement: In certain cases, companies or organizations may sponsor product development research conducted in Riverside. A sponsorship agreement defines the financial and operational support provided by the sponsor and outlines the rights and responsibilities of both parties. 4. Research Collaboration Agreement: When multiple entities collaborate on product development research in Riverside, a research collaboration agreement defines the roles and responsibilities of each party. It covers aspects such as project management, resource allocation, sharing of research outcomes, and resolution of disputes. In summary, the Riverside California Agreement to Conduct Product Development Research is a comprehensive and legally binding document that governs product development research activities in Riverside, California. It ensures that all parties involved are aware of their rights and obligations, fosters protection of intellectual property, and provides a framework for successful collaboration and execution of research projects.The Riverside California Agreement to Conduct Product Development Research is a legally binding document that sets forth the terms and conditions for conducting product development research in Riverside, California. This agreement is crucial for businesses and organizations planning to engage in product development activities in the city. The primary purpose of the Riverside California Agreement to Conduct Product Development Research is to outline the rights and obligations of the parties involved in the research project. The agreement typically includes provisions covering intellectual property rights, confidentiality, payment terms, duration of the research project, and dispute resolution mechanisms. There may be different types of Riverside California Agreements to Conduct Product Development Research, each tailored to specific circumstances and requirements. These types may include: 1. Confidentiality and Nondisclosure Agreement: This agreement ensures that any information disclosed during the product development research will remain confidential and not be shared with unauthorized third parties. It safeguards the protection of proprietary information, trade secrets, and sensitive data. 2. Intellectual Property Agreement: This type of agreement specifies how intellectual property rights, such as patents, copyrights, and trademarks, will be managed during the research project. It typically covers issues related to ownership, licensing, and commercialization of any intellectual property developed as a result of the research. 3. Sponsorship Agreement: In certain cases, companies or organizations may sponsor product development research conducted in Riverside. A sponsorship agreement defines the financial and operational support provided by the sponsor and outlines the rights and responsibilities of both parties. 4. Research Collaboration Agreement: When multiple entities collaborate on product development research in Riverside, a research collaboration agreement defines the roles and responsibilities of each party. It covers aspects such as project management, resource allocation, sharing of research outcomes, and resolution of disputes. In summary, the Riverside California Agreement to Conduct Product Development Research is a comprehensive and legally binding document that governs product development research activities in Riverside, California. It ensures that all parties involved are aware of their rights and obligations, fosters protection of intellectual property, and provides a framework for successful collaboration and execution of research projects.
